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TQQQ vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQQQ vs. USO

Last updated Jun 4, 2026

TQQQ (ProShares UltraPro QQQ) and USO (United States Oil Fund LP) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, TQQQ returned 45.33%/yr vs 4.07%/yr for USO. At a 0.20 correlation, their price movements are largely independent. TQQQ charges 0.95%/yr vs 0.86%/yr for USO.

Performance

TQQQ vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TQQQ achieves a 64.46% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, TQQQ has outperformed USO with an annualized return of 45.33%, while USO has yielded a comparatively lower 4.07% annualized return.

TQQQ

1D
-0.76%
1M
33.35%
YTD
64.46%
6M
55.93%
1Y
137.89%
3Y*
69.49%
5Y*
28.37%
10Y*
45.33%

USO

1D
2.62%
1M
-4.57%
YTD
103.67%
6M
99.35%
1Y
101.55%
3Y*
29.98%
5Y*
24.41%
10Y*
4.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TQQQ vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TQQQ
ProShares UltraPro QQQ		64.46%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%
USO
United States Oil Fund LP		103.67%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between TQQQ and USO is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.02

Correlation (10Y)
Calculated over the trailing 10-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

0.20

The correlation between TQQQ and USO shifts across timeframes, from -0.31 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro QQQ

United States Oil Fund LP

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Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

TQQQ vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQQQ
TQQQ Risk / Return Rank: 7171
Overall Rank
TQQQ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6565
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6565
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7373
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 6666
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
USO Sortino Ratio Rank: 6060
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8787
Calmar Ratio Rank
USO Martin Ratio Rank: 5454
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TQQQ vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and United States Oil Fund LP (USO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

TQQQUSODifference
Sharpe ratioReturn per unit of total volatility
2.92
2.31

+0.61

Sortino ratioReturn per unit of downside risk
3.09
2.89

+0.20

Omega ratioGain probability vs. loss probability

1.40

1.38

+0.02

Calmar ratioReturn relative to maximum drawdown

3.75

5.01

-1.25

Martin ratioReturn relative to average drawdown

12.27

9.42

+2.85

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQQQ vs. USO - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.92, which is comparable to the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of TQQQ and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TQQQUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

2.31

+0.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.68

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.10

+0.59

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

-0.18

+0.91

Drawdowns

TQQQ vs. USO - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for TQQQ and USO.

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Drawdown Indicators

TQQQUSODifference

Max Drawdown

Largest peak-to-trough decline

-81.66%

-98.19%

+16.53%

Max Drawdown (1Y)

Largest decline over 1 year

-36.97%

-20.39%

-16.58%

Max Drawdown (3Y)

Largest decline over 3 years

-58.04%

-26.05%

-31.99%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-36.23%

-45.43%

Max Drawdown (10Y)

Largest decline over 10 years

-81.66%

-86.75%

+5.09%

Current Drawdown

Current decline from peak

-0.76%

-85.01%

+84.25%

Average Drawdown

Average peak-to-trough decline

-18.52%

-75.30%

+56.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.28%

10.82%

+0.46%

Volatility

TQQQ vs. USO - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 13.29%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that TQQQ experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQQQUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.29%

14.87%

-1.58%

Volatility (6M)

Calculated over the trailing 6-month period

36.04%

38.23%

-2.19%

Volatility (1Y)

Calculated over the trailing 1-year period

47.60%

44.20%

+3.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

66.53%

36.06%

+30.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

65.96%

39.00%

+26.96%

TQQQ vs. USO - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

TQQQ vs. USO - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.36%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
TQQQ
ProShares UltraPro QQQ		0.36%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%
USO
United States Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TQQQ and USO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (14.87%) compared to TQQQ (13.29%). In terms of maximum drawdown, TQQQ dropped -81.66% vs USO's -98.19%.

On 10-year performance, TQQQ leads with 45.33% vs 4.07% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 45.33% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for TQQQ.

TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for USO.

TQQQ is categorized as Leveraged Equities, while USO is Oil & Gas. TQQQ tracks NASDAQ-100 Index (300%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for TQQQ and 0.86% for USO.

TQQQ currently has the higher Sharpe Ratio (2.92 vs 2.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

Find the right allocation for TQQQ and USO

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